Ferrari is now accepting an unusual form of payment for its sports cars

The Italian marque seeks to attract a broader base of customers.

Oct 17, 2023 - 03:30

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Ferrari is now accepting an unusual form of payment for its sports cars

Ferrari (RACE) - Get Free Report is known for powerful cars like its current Roma and SF90 Stradale, as well as heritage models like the Testarossa, F40 and the Enzo.

The prancing horse from Maranello is a hard one to catch and is also a hard one to saddle up to, as it is one of the world’s most exclusive brands.

The notoriously closed-doors brand is looking to open up to a whole a new set of customers, as it takes a step into a new and unusual world.

Ferrari's unusual move

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In an interview with Reuters, Ferrari sales chief Enrico Galliera said that the company is going to accept cryptocurrency as a form of payment for its cars.

“This will help us connect to people who are not necessarily our clients but might afford a Ferrari,” Galliera told Reuters.

According to the Ferrari rep, the decision was made in response to market activity and dealer feedback. They saw that many of their clients were invested in cryptocurrency and sought an easier way to use their hard-earned digital coin.

"Some are young investors who have built their fortunes around cryptocurrencies," he said. "Some others are more traditional investors, who want to diversify their portfolios."

To reduce risk from the intense swings in value that both Bitcoin and Ethereum face, Ferrari is partnering up with BitPay, a provider of cryptocurrency payment services. By utilizing the services of BitPay, Ferrari itself does not have to hold any tokens on its balance sheet, which would shield it from any crypto market risks.

In addition, the services provided by BitPay also ensure that the virtual coins processed are not funds laundered by organized crime groups to for the purpose of tax evasion.

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“This was one of our main goals: avoiding, both [for] our dealers and us, to directly handle cryptocurrencies and being shielded from their wide fluctuations,” Galliera said.

Ferrari is initially testing out crypto payments in the United States, and plans to roll it out to Europe early next year.

The crypto announcement comes as a part of a series of unusual moves by the Italian racing and sports car powerhouse. In an almost-sacrilege decision late last year, Ferrari introduced its first crossover SUV; the Purosangue, a V12-powered, 715 horsepower four-door high performance family cruiser.

Galliera did not tell Reuters how many cars it intends to sell through crypto, but it did reveal that the company’s orders are strong and fully booked well into 2025.

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